Social Security Projections to Add to Your List of Worries

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2. Changing the full retirement age

Retiring at full retirement age means that you can take advantage of your entire Social Security benefits. Those who were born in 1960 (or later) have to retire in 2027, namely at 67. 1983 was the last year when Congress changed the full retirement age, and from then it was 65 based on the year you were born.

The purpose of maximizing the full retirement age is to make people work for longer, resulting in a delay of Social Security benefits. However, as we have previously mentioned, people have a tendency to live longer in today’s world.

In fact, statistics point out that individuals who reach 65 this year will live 6 years longer than others who reached the same age in 1940.

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1 thought on “Social Security Projections to Add to Your List of Worries”

  1. How about government pensions? What will happen to them? Probably nothing as they are the elite. However, I believe it is time for the government to honor all of those IOU’s that were generated back in 1964 when LBJ decided to sell them to SS. Fat chance. Technically, SS is just part of the general fund. It is part of the overall budget and,as such, is not required to be funded by contributions from current payroll taxes.
    People who paid into it for their entire working life deserve to collect it with interest when they retire. It was not intended to be s slush fund even though corrupt politicians treated it that way. Enough is enough. Democrats, own up and do the right thing. Stop ripping off honest, hard working americans.

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